Predict And Detect For Cyber Protection
Days of digital gives so much of ease to the customers and at the same time, so much of fraud has entered into the system
BW Businessworld's 'Digital Fraud in Banking' conference in association with Wipro kick-started on 27 November 2017 in Mumbai with the keynote address by Kiran Krishnarao Surve, Head - Financial Risk & Fraud, BFSI at Wipro.
In his address, Surve underlined the importance of fraud detection in the digital world. According to him, digital fraud is growing at the rate of 45 to 50 per cent currently and BFSI is the largest business vertical at Wipro. "Customer has become different with the availability of technology and data. Because of this reason, fraud has come in its new roles and ways in the system," he observed.
Days of digital gives so much of ease to the customers and at the same time, so much of fraud has entered into the system. Surve also explained the ways and methods through what he mentioned as FCM monitoring pillars.
"For cyber protection, we need to predict and detect," he concluded.
Followed by the keynote address was the panel discussion on 'The Digital Banking presents new Threats and Risks.' Butchi Babu Burra, Advisor, Bank of India opined that most of the banks are not prepared for the latest cyber threats. Speaking on the authentication part, Burra said, "We are moving towards biometrics in the banking system and it is the better way of authentication." Burra opined that timely alerts and monitoring will help to protect the customers and prevent fraud.
Sudin Baraokar, Head - IT, State Bank of India said, "Today, threats have become extremely advanced and the attackers have become so smart to identify what kind of precautions the banks can take, accordingly they design their attacks." He underlined the importance of getting the core basics to prevent digital fraud in the banking system. "The interest of the customer should be the prime concern of the banks and there should not be any classification of the customers like rich and poor," he added.
P. C. Panigrahi, General Manager - Financial Inclusion, Union Bank of India explained that the idea of lining the Aadhar with the bank account is to protect the payment system. Speaking about the bank account number portability, he said that it will improve the service to the customers and the efficiency of the banking sector. "Bank account number portability will disrupt the banking system," he said. "If cyber hygienic practices are followed by the customers and organisations, most of the digital frauds can be prevented," he added.